San Francisco-based crypto company Ripple is interested in buying the assets of failed cryptocurrency exchange FTX.
Ripple plans to buy FTX’s assets!
San Francisco-based crypto company Ripple is considering buying the assets of the failed FTX exchange! Ripple CEO Brad Garlinghouse stated that he is willing to buy parts of the exchange that serve commercial customers.
The company is also looking at other companies that make up the expanding portfolio of the FTX crypto empire.
— Mr. Whale 🐳 whalechart.org (@WhaleChart) November 20, 2022
This will allow Garlinghouse to strategically scale the company as it aims to continue growing even during the ongoing bear market.
As it is known, FTX filed for Chapter 11 bankruptcy on November 11, after failing to receive bailouts from a large number of investors.
Surprisingly, Binance Labs still owns FTT, CZ said.
According to the report, Garlinghouse was among those who asked former FTX CEO Sam Bankman-Fried for funds on the cusp of the stock market’s eventual crash.
In a recent interview with CNBC International, Ripple CEO suggested that the FTX exchange is a fraudulent scheme. Garlinghouse also emphasized that the cryptocurrency industry needs to mature.
In August, Ripple also said it was interested in buying the assets of failed cryptocurrency lender Celsius.
Linked to the popular XRP cryptocurrency, the company is currently working to expand into the EU market.
It is currently looking to acquire a virtual asset service provider (VASP) in Ireland. Ripple is currently engaged in a tough legal battle with the US Securities and Exchange Commission, which is expected to be resolved in the second half of 2023.